§17-26A-1. Definitions
For purposes of this article: (1) “Commissioner” means the West Virginia Commissioner of Highways continued pursuant to section one, article two-a of this chapter;
§17-26A-10. Termination or Dissolution
Upon the termination or dissolution of the West Virginia Division of Highways, all rights and properties of the West Virginia Division of Highways with respect to the Roads to Prosperity Bond Debt Service Fund shall pass to and be vested in the state, subject to the rights of bondholders, lienholders and other creditors.
§17-26A-11. Treasurer to Determine Financial Advisor
The Treasurer, in his or her discretion, may select a competent person or firm to serve as financial advisor for the issuance and sale of general obligation bonds issued pursuant to this article.
§17-26A-12. Governor to Determine Bond Counsel
The Governor shall select a competent person or firm to serve as bond counsel who shall be responsible for the issuance of a final approving opinion regarding the legality of the sale of general obligation bonds issued pursuant to this article. Notwithstanding the provisions of article three, chapter five of this code, bond counsel may […]
§17-26A-13. Approval of and Payment of All Necessary Expenses
All necessary expenses, including legal expenses, incurred in the issuance of any general obligation bonds pursuant to this article shall be paid out of the Roads to Prosperity Bond Debt Service Fund or the State Road Fund if so appropriated by the Legislature. The amount of any expenses incurred shall be certified to the Treasurer […]
§17-26A-14. Dedication of Taxes and Fees
(a) There shall be dedicated an annual amount from the collections of the taxes and fees imposed pursuant to chapters eleven, seventeen-a, seventeen-b, seventeen-c and seventeen-d of this code, that are required to be deposited to the credit of the State Road Fund sufficient to pay the principal and interest of any state road bonds […]
§17-26A-2. State Road General Obligation Bonds; Amount; When May Issue
(a) Bonds of the State of West Virginia, under authority of the Roads to Prosperity Amendment of 2017 of the principal amount not to exceed in the aggregate $1.6 billion are authorized to be issued and sold for matching available federal funds for highway and bridge construction in this state and for general highway and […]
§17-26A-3. Creation of Debt Service Fund to Pay Debt Service on State Road General Obligation Bonds
There is hereby created a special account in the State Treasury, which shall be designated and known as the Roads to Prosperity Bond Debt Service Fund, into which shall be deposited any and all amounts appropriated by the Legislature from the State Road Fund or funds from any source whatsoever which is made liable by […]
§17-26A-4. Roads to Prosperity Bond Debt Service Fund; Sources Used to Pay Bonds, Interest and Cost of Issuance; Investment of Remainder
(a) All funds deposited to the credit of the Roads to Prosperity Bond Debt Service Fund shall be kept by the State Treasurer in a separate account, and all money belonging to the fund shall be deposited in the Treasury to the credit of the fund. (b) The fund shall be applied by the State […]
§17-26A-5. Covenants of State
The State of West Virginia covenants and agrees with the holders of the bonds issued pursuant hereto as follows: (1) That the bonds are a direct and general obligation of the State of West Virginia; (2) that the full faith and credit of the state is pledged to secure the payment of the principal and […]
§17-26A-6. Sale by Governor; Certification of Annual Debt Service Amount
The Governor shall sell the bonds herein authorized at a time or times as provided by resolutions enacted by the Legislature. The Governor, in his or her discretion, may, by executive message, request that a resolution be proposed for the issuance of bonds pursuant to this article. The Governor shall determine the manner by which […]
§17-26A-7. Conflicts of Interest
No part of the proceeds from the sale of bonds under this article may inure to the benefit of or be distributable to the officers or employees of the state except to pay reasonable compensation for services rendered to the state. Any person violating the provisions of this section is guilty of a misdemeanor and, […]
§17-26A-8. State Road Bonds Lawful Investments
All state road bonds issued pursuant to this article shall be lawful investments for banking institutions, societies for savings, building and loan associations, savings and loan associations, deposit guarantee associations, trust companies, and insurance companies, including domestic for life and domestic not for life insurance companies.
§17-26A-9. Refunding Bonds
Any state road general obligation bonds which are outstanding may at any time be refunded by the issuance of refunding bonds in an amount deemed necessary to refund the principal of the bonds to be refunded, together with any unpaid interest thereon; to accomplish the purpose of the amendment and to pay any premiums necessary […]